Why You Should Negotiate Your Salary

Did you know that failing to negotiate your salary could cost you in the order of $1 million dollars? Research by Carnegie Mellon University indicates that, over the course of your career, not negotiating your salary could see you miss out on between $1 million and $1.5 million. This is a very good reason to negotiate your salary. But why do so many people hesitate?

Fear of repercussions

Most people who don’t negotiate their salaries with a new employer are usually fearful of the repercussions. They fear they could offend someone, that they will be less likely to get the job, and that their offer might be revoked. However, careers experts believe that negotiating your salary with a new employer doesn’t have these negative consequences at all, and is actually more likely to earn you respect.

How to do it

Step 1: Prepare

Career advisers recommend negotiating your offer no matter what, even if your employer’s original offer was what you were hoping for. Why? Because they are expecting you to negotiate, meaning they’ve got room to move.

Step 2: Keep your lips sealed

It’s very common for employers to ask you what you’re expecting in terms of salary. Don’t fall for this trick! Always let them give their numbers first. If they ask you what you’re expecting before they have given you an offer, tell them that you’re flexible based on the salary range and package inclusions.

Step 3: Value Yourself

Do some research to find out what you’re worth. Look at what other professionals in your industry are earning. You can then negotiate with your employer by going back and forth several times. Never base your negotiations on factors like student loans or mortgages– this is making things too personal. Instead, focus on your resume, qualifications, skills and experience. Use these as your leverage for a better deal.

Step 4: Plan Ahead

Don’t rely on salary rises in years to come. These could be few and far between, and minimal in amounts. Your initial negotiation is your best time to get paid what you’re worth, so take advantage of this moment. See yourself earning the same amount in one, two or three years’ time.

Step 5: Breathe

Don’t feel pressured to respond to an offer straight away. It’s normal to ask for 24-72 hours to think it over. Let your employer know how long you need to come back with your counter offer.

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